Blackrock Muni Funds 2008

8/2/2019 Blackrock Muni Funds 2008

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NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock California Investment Quality Municipal Trust Inc. (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

BlackRock New York Municipal Income Trust (BNY)

Semi-Annual Report

APRIL 30, 2008 | (UNAUDITED)

EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS


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Pag

A Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Semi-Annual Report:

Trust Summaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Benefits and Risks of Leveraging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Swap Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Financial Statements:

Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Officers and Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Table of Contents

SEMI-ANNUAL REPORT2 APRIL 30, 2008


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Dear Shareholder

Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and

related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a

robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.

Amid the market tumult, the Federal Reserve Board (the Fed) intervened with a series of moves to bolster liquidity and ensure finan

cial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringi

the rate to 2.0% as of period-end. Of greater magnitude, however, were the Feds other policy decisions, which included opening the

discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns.

The Feds response to the financial crisis helped to improve credit conditions and investor mood.After hitting a low point on March 1

(coinciding with the collapse of Bear Stearns), equity markets found a welcome respite in April, when the S&P 500 Index of U.S. stoc

posted positive monthly performance for the first time since October 2007. International markets, which outpaced those of the U.S. f

much of 2007, saw a reversal in that trend, as effects of the credit crisis and downward pressures on growth were far-reaching.

In contrast to equity markets, Treasury securities rallied (yields fell as prices correspondingly rose), as a broad flight-toquality

theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to

4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appet

for risk returned and other high-quality fixed income sectors outperformed.

Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bon

market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, th

sector delivered strong performance in the final month of the reporting period.

Overall, the major benchmark indexes generated results that generally reflected heightened investor risk aversion:

Total Returns as of April 30, 2008 6-month 12-month

U.S. equities (S&P 500 Index) -9.64% -4.68%

Small cap U.S. equities (Russell 2000 Index) -12.92 -10.96

International equities (MSCI Europe, Australasia, Far East Index) -9.21 -1.78

Fixed income (Lehman Brothers U.S. Aggregate Index) +4.08 +6.87

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) +1.47 +2.79

High yield bonds

(Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index) -0.73 -0.80

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only.

You cannot invest directly in an index.

As you navigate todays volatile markets, we encourage you to review your investment goals with your financial professional and to

make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to vis

www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to

continuing to serve you in the months and years ahead.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

A Letter to Shareholders

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Trust Summary as of April 30, 2008 BlackRock Investment Quality Municipal Tru

Trust Information

Symbol on New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BKN

Initial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 19, 199

Yield on Closing Market Price as of April 30, 2008 ($15.81)1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.07%

Tax Equivalent Yield2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.34%

Current Monthly Distribution per Common Share3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.08

Current Annualized Distribution per Common Share3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.96

Leverage as of April 30, 20084 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39%1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does

not guarantee future results.2 Tax equivalent yield assumes the maximum federal tax rate of 35%.3 A change in the distribution rate was declared on June 2, 2008.The Monthly Distribution per Common Share was decreased to $0.063. The Yield on

Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution ratenot constant and is subject to further change in the future.

4 As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Auction Market Preferred Shares(Preferred Shares)) minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Trusts market price and net asset value per share:4/30/08 10/31/07 Change High Low

Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.81 $16.35 (3.30%) $17.20 $14.09

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.70 $14.73 (6.99%) $14.76 $12.86

The following unaudited charts show the portfolio composition and credit quality allocations of the Trusts long-term investments:

Portfolio Composition

Sector 4/30/08 10/31/07

City, County & State . . . . . . . . 20% 21%

Hospitals . . . . . . . . . . . . . . . . 16 16

Transportation . . . . . . . . . . . . 12 9

Power . . . . . . . . . . . . . . . . . . 11 10

Education . . . . . . . . . . . . . . . 10 8

Housing . . . . . . . . . . . . . . . . . 9 9

Industrial & Pollution Control . 8 11

Tax Revenue . . . . . . . . . . . . . . 5 5

Water & Sewer . . . . . . . . . . . . 4 3

Tobacco . . . . . . . . . . . . . . . . . 3 2

Lease Revenue . . . . . . . . . . . . 2 6

Credit Quality Allocations1

Credit Rating 4/30/08 10/31/07

AAA/Aaa . . . . . . . . . . . . . . . . 37% 49%

AA/Aa . . . . . . . . . . . . . . . . . . 20 17

A . . . . . . . . . . . . . . . . . . . . . . 15 8

BBB/Baa . . . . . . . . . . . . . . . . 13 14

BB/Ba . . . . . . . . . . . . . . . . . . 1 3

B . . . . . . . . . . . . . . . . . . . . . . 3 2

Not Rated2 . . . . . . . . . . . . . . . 11 71 Using the higher of Standard & Poors or Moodys Investors ratings.2 The investment advisor has deemed certain of these non-rated secur

ties to be of investment grade quality. As of April 30, 2008 and Octob31, 2007, the market value of these securities was $16,453,046 representing 5% and $6,340,657 representing 2%, respectively, of theTrusts long-term investments.

Investment Objective

BlackRock Investment Quality Municipal Trust (BKN) (the Trust) seeks is to provide high current income which, in the opinion

of bond counsel to the issuer, is exempt from regular federal income tax consistent with the preservation of capital.

Performance

For the six months ended April 30, 2008, the Trust returned -0.03% based on market price, with dividends reinvested. The Trusts

return based on net asset value (NAV) was -3.85%, with dividends reinvested. For the same period, the closed-end Lipper Genera

Municipal Debt Funds (Leveraged) category posted an average return of -2.54% on a NAV basis. Detracting from results for the

period were the Trusts holdings in longer-dated issues, which proved more volatile as risk spreads increased and the municipal yiel

curve steepened. Positive contributors to performance included the Trusts greater-than-average distribution rate and its largely neut

duration positioning during a period of municipal bond relative underperformance and increasing rates.


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SEMI-ANNUAL REPORT APRIL 30, 2008

Trust Summary as of April 30, 2008 BlackRock Municipal Income Tru

Trust Information

Symbol on New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BFK

Initial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 27, 2001






not guarantee future results.2 Tax equivalent yield assumes the maximum federal tax rate of 35%.3 A change in the distribution rate was declared on June 2, 2008.The Monthly Distribution per Common Share was decreased to $0.0686.The Yield on


4 As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum ofaccrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Trusts market price and net asset value per share:

4/30/08 10/31/07 Change High Low

Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.01 $15.92 (5.72%) $16.00 $13.39

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.36 $14.55 (8.18%) $14.58 $12.59

The following unaudited charts show the Trusts portfolio composition and credit quality allocations of the Trusts long-term investment


Sector 4/30/08 10/31/07

Hospitals . . . . . . . . . . . . . . . . 25% 24%

Industrial & Pollution Control . . 13 17

City, County & State . . . . . . . . 10 10

Transportation . . . . . . . . . . . . 10 10

Education . . . . . . . . . . . . . . . 10 8

Power . . . . . . . . . . . . . . . . . . 9 8

Housing . . . . . . . . . . . . . . . . . 9 8

Tobacco . . . . . . . . . . . . . . . . . 5 5

Tax Revenue . . . . . . . . . . . . . . 4 5

Lease Revenue . . . . . . . . . . . . 3 3

Water & Sewer . . . . . . . . . . . . 2 2



AAA/Aaa . . . . . . . . . . . . . . . . 32% 33%

AA/Aa . . . . . . . . . . . . . . . . . . 12 13

A/A . . . . . . . . . . . . . . . . . . . . 19 21

BBB/Ba . . . . . . . . . . . . . . . . . 16 18

BB/Ba . . . . . . . . . . . . . . . . . . 2 4

B . . . . . . . . . . . . . . . . . . . . . . 6 6

CCC/Caa . . . . . . . . . . . . . . . . 1




BlackRock Municipal Income Trust (BFK) (the Trust) seeks to provide current income which, in the opinion of bond counsel to

the issuer, is exempt from regular federal income tax.

Performance


return based on NAV was -4.94%, with dividends reinvested. For the same period, the closed-end Lipper General Municipal Debt

Funds (Leveraged) category posted an average return of -2.54% on a NAV basis. Detracting from the Trusts performance was its

effectively neutral duration positioning during a period of rising municipal bond yields. A greater exposure to lower-rated issues also

hindered results, although the incremental income generated by these issues enabled the Trust to maintain a distribution yield abov

that of its Lipper peer average.


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Trust Summary as of April 30, 2008 BlackRock Long-Term Municipal Advantage Tru

Trust Information

Symbol on New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTA

Initial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 28, 200Yield on Closing Market Price as of April 30, 2008 ($11.63)1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.67%




Leverage as of April 30, 20084 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47%

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance doesnot guarantee future results.

2 Tax equivalent yield assumes the maximum federal tax rate of 35%.3 The distribution is not constant and is subject to change.4 As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Tender Option Bond Trusts (TOBs)) min

the sum of accrued liabilities (other than debt representing financial leverage).



Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.63 $12.14 (4.20%) $12.54 $10.78

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.38 $13.72 (9.77%) $13.75 $11.18



Sector 4/30/08 10/31/07

Education . . . . . . . . . . . . . . . 24% 21%

Hospital . . . . . . . . . . . . . . . . . 18 19

Housing . . . . . . . . . . . . . . . . . 12 11

Tobacco . . . . . . . . . . . . . . . . . 10 9

Transportation . . . . . . . . . . . . 10 9


Power . . . . . . . . . . . . . . . . . . 7 6

Lease Revenue . . . . . . . . . . . . 5 4

Water & Sewer . . . . . . . . . . . . 2 9


Tax Revenue . . . . . . . . . . . . . . 2 1



AAA/Aaa . . . . . . . . . . . . . . . . 28% 36%

AA/Aa . . . . . . . . . . . . . . . . . . 38 32

A . . . . . . . . . . . . . . . . . . . . . . 4 3

BBB/Baa . . . . . . . . . . . . . . . . 18 17

BB/Ba . . . . . . . . . . . . . . . . . . 1 1

B/B . . . . . . . . . . . . . . . . . . . . 3 3


ties to be of investment grade quality. As of April 30, 2008 and Octob31, 2007, the market value of these securities was $2,618,490 reprsenting 1% and $6,660,850 representing 2%, respectively, of theTrusts long-term investments.


BlackRock Long-Term Municipal Advantage Trust (BTA) (the Trust) seeks to provide current income which, in the opinion of

bond counsel to the issuer, is exempt from regular federal income tax.

Performance


return based on NAV was -7.21%, with dividends reinvested. For the same period, the closed-end Lipper General & Insured Municip

Funds (Unleveraged) category posted an average return of -0.70% on a NAV basis. Notably, the Lipper category contains a mix of

both insured and uninsured funds that do not employ leverage. This stands in sharp contrast to the Trust, which utilizes a high degre

of leverage.An emphasis on non-investment grade credits and long duration positioning further differentiates the Trust from its Lippe

peers. Accordingly, the Trust's relative performance will pale in times of rising interest rates and wider credit spreads, which we saw

during this period.


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Trust Summary as of April 30, 2008 BlackRock California Investment Quality Municipal Tru

Trust Information

Symbol on American Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RAA

Initial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 28, 1993Yield on Closing Market Price as of April 30, 2008 ($12.80)1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50%










Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.80 $12.57 1.83% $13.30 $11.80

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.31 $13.86 (3.97%) $14.06 $12.55



Sector 4/30/08 10/31/07


Education . . . . . . . . . . . . . . . 15 15

Tobacco . . . . . . . . . . . . . . . . . 11 11Industrial & Pollution Control . 10 10

Lease Revenue . . . . . . . . . . . . 7 4

Water & Sewer . . . . . . . . . . . . 6 6

Hospitals . . . . . . . . . . . . . . . . 5 10

Housing . . . . . . . . . . . . . . . . . 5 5

Power . . . . . . . . . . . . . . . . . . 4 6

Transportation . . . . . . . . . . . . 3 3

Resource Recovery . . . . . . . . . 3 3



AAA/Aaa . . . . . . . . . . . . . . . . 60% 50%

AA/Aa . . . . . . . . . . . . . . . . . . 3 2

A . . . . . . . . . . . . . . . . . . . . . . 16 24BBB/Baa . . . . . . . . . . . . . . . . 11 14

B . . . . . . . . . . . . . . . . . . . . . . 5 5

Not Rated . . . . . . . . . . . . . . . 5 51 Using the higher of Standard & Poors or Moodys Investors ratings.


BlackRock California Investment Quality Municipal Trust (RAA) (the Trust) seeks to provide high current income which, in the

opinion of bond counsel to the issuer, is exempt from regular federal and California income tax consistent with preservation of capita

Performance

For the six months ended April 30, 2008, the Trust returned +4.16% based on market price, with dividends reinvested. The Trusts

return based on NAV was -1.77%, with dividends reinvested. For the same period, the closed-end Lipper California Municipal Debt

Funds category posted an average return of -1.42% on a NAV basis. Widening credit spreads for lower-rated bonds and those insur

by the monoline insurance companies contributed to the decline in the Trusts NAV. Managements effort to moderate the contributio

of current yield to the total return was par tially negated by higher short-term borrowing costs. The Trusts duration remained neutral.


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Trust Summary as of April 30, 2008 BlackRock California Municipal Income Tru

Trust Information

Symbol on New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BFZ

Initial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 27, 2001Yield on Closing Market Price as of April 30, 2008 ($15.91)1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.74%










Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.91 $15.82 0.57% $16.51 $14.32

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.39 $14.97 (3.87%) $15.16 $13.62



Sector 4/30/08 10/31/07


Hospitals . . . . . . . . . . . . . . . . 14 15

Education . . . . . . . . . . . . . . . 12 12Housing . . . . . . . . . . . . . . . . . 12 11

Transportation . . . . . . . . . . . . 10 9

Tobacco . . . . . . . . . . . . . . . . . 7 7

Lease Revenue . . . . . . . . . . . . 7 7

Power . . . . . . . . . . . . . . . . . . 5 7


Resource Recovery . . . . . . . . . 1 1

Water & Sewer . . . . . . . . . . . . 2



AAA/Aaa . . . . . . . . . . . . . . . . 45% 44%

AA/Aa . . . . . . . . . . . . . . . . . . 6 3

A . . . . . . . . . . . . . . . . . . . . . . 22 30BBB/Baa . . . . . . . . . . . . . . . . 9 13

B . . . . . . . . . . . . . . . . . . . . . . 1 1

Not Rated . . . . . . . . . . . . . . . 172 91 Using the higher of Standard & Poors or Moodys Investors ratings.2 The investment advisor has deemed certain of these non-rated secur

ties to be of investment grade quality. As of April 30, 2008, the markvalue of these securities was $2,247,492 representing 1% of theTrusts long-term investments.


BlackRock California Municipal Income Trust (BFZ) (the Trust) seeks to provide high current income which, in the opinion of

bond counsel to the issuer, is exempt from regular federal income tax and California income taxes.

Performance


return based on NAV was -0.72%, with dividends reinvested. For the same period, the closed-end Lipper California Municipal Debt

Funds category posted an average return of -1.42% on a NAV basis. A slightly defensive duration stance and a higher cash equivale

reserve position versus its Lipper peers provided the Trusts NAV some cushion against volatility from widening credit spreads and ris

ing long-term investment rates. Managements strategy is to balance total return by opportunistically improving current yield, while

maintaining a neutral duration.


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Trust Summary as of April 30, 2008 BlackRock Florida Investment Quality Municipal Tru

Trust Information

Symbol on American Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RFAInitial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 28, 1993






not guarantee future results.2 Tax equivalent yield assumes the maximum federal tax rate of 35%.3 The distribution is not constant and is subject to change.4 As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of

accrued liabilities (other than debt representing financial leverage).


Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.28 $11.86 (4.89%) $12.07 $10.69

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.67 $13.43 (5.66%) $13.45 $11.85



Sector 4/30/08 10/31/07

Hospitals . . . . . . . . . . . . . . . . 19% 23%


Water & Sewer . . . . . . . . . . . . 14 13

Tax Revenue . . . . . . . . . . . . . . 13 9

Housing . . . . . . . . . . . . . . . . . 11 11

Lease Revenue . . . . . . . . . . . . 8 10

Transportation . . . . . . . . . . . . 7 3

Education . . . . . . . . . . . . . . . 6 13


Power . . . . . . . . . . . . . . . . . . 1 1



AAA/Aaa . . . . . . . . . . . . . . . . 62% 62%

AA/Aa . . . . . . . . . . . . . . . . . . 11 10

A/A . . . . . . . . . . . . . . . . . . . . 4 5

BBB/Baa . . . . . . . . . . . . . . . . 10 9

BB/Ba . . . . . . . . . . . . . . . . . . 2 2

Not Rated . . . . . . . . . . . . . . . 112 121 Using the higher of Standard & Poors or Moodys Investors ratings.2 The investment advisor has deemed certain of these non-rated secur

ties to be of investment grade quality. As of April 30, 2008, the markvalue of these securities was $236,927 representing 1% of the Trustlong-term investments.


BlackRock Florida Investment Quality Municipal Trust (RFA) (the Trust) seeks to provide high current income which, in the

opinion of bond counsel to the issuer, is exempt from regular federal income tax and to provide an exemption from Florida intang

ble personal property taxes consistent with preservation of capital.

Performance


return based on NAV was -3.41%, with dividends reinvested. For the same period, the closed-end Lipper Florida Municipal Debt

Funds category posted an average return of -1.18% on a NAV basis. Problems within the monoline insurance industry had a negati

impact on the entire insured municipal market, detracting from the Trusts performance for the period. Healthcare, tax increment

financing, housing and corporate-backed bonds were the weakest performers. Conversely, an overweight in pre-refunded bonds ben

fited results, as the yield curve steepened and shorter-maturity issues outperformed.


10/72


Trust Summary as of April 30, 2008 BlackRock Florida Municipal Income Tru

Trust Information

Symbol on New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BBF










Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.64 $15.10 (3.05%) $15.55 $13.46

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.48 $15.05 (3.79%) $15.11 $13.70



Sector 4/30/08 10/31/07

Hospitals . . . . . . . . . . . . . . . . 33% 31%


Water & Sewer . . . . . . . . . . . . 9 11

Tax Revenue . . . . . . . . . . . . . . 9 8Education . . . . . . . . . . . . . . . 7 9

Transportation . . . . . . . . . . . . 5 3

Lease Revenue . . . . . . . . . . . . 4 5

Housing . . . . . . . . . . . . . . . . . 2 3


Power . . . . . . . . . . . . . . . . . . 1 1



AAA/Aaa . . . . . . . . . . . . . . . . 40% 45%

AA/Aa . . . . . . . . . . . . . . . . . . 19 25

A/A . . . . . . . . . . . . . . . . . . . . 11 3

BBB/Baa . . . . . . . . . . . . . . . . 10 8BB/Ba . . . . . . . . . . . . . . . . . . 2 2




BlackRock Florida Municipal Income Trust (BBF) (the Trust) seeks to provide high current income which, in the opinion of

bond counsel to the issuer, is exempt from regular federal income tax and Florida intangible personal property tax.

Performance


return based on NAV was -0.80%, with dividends reinvested. For the same period, the closed-end Lipper Florida Municipal Debt

Funds category posted an average return of -1.18% on a NAV basis. The Trusts significant overweight in pre-refunded bonds, which

tend to have intermediate maturities, benefited performance for the period, as the yield curve steepened and these issues outper-

formed. Conversely, problems within the monoline insurance industry had a negative impact on the entire insured municipal market

hampering the performance of the Trust and its peers.


11/72


Trust Summary as of April 30, 2008 BlackRock New Jersey Investment Quality Municipal Tru

Trust Information

Symbol on American Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RNJInitial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 28, 1993








4 As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of




Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.51 $14.96 3.68% $17.44 $13.00

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.56 $13.57 (7.44%) $13.62 $12.08



Sector 4/30/08 10/31/07

Hospitals . . . . . . . . . . . . . . . . 21% 19%

Transportation . . . . . . . . . . . . 19 20

Education . . . . . . . . . . . . . . . 14 10

Tax Revenue . . . . . . . . . . . . . . 8 10


Water & Sewer . . . . . . . . . . . . 8 7

Housing . . . . . . . . . . . . . . . . . 7 11


Tobacco . . . . . . . . . . . . . . . . . 5 4

Power . . . . . . . . . . . . . . . . . . 2 3

Lease Revenue . . . . . . . . . . . . 2 2



AAA/Aaa . . . . . . . . . . . . . . . . 55% 49%

AA/Aa . . . . . . . . . . . . . . . . . . 3

A . . . . . . . . . . . . . . . . . . . . . . 8 11

BBB/Baa . . . . . . . . . . . . . . . . 19 29

B . . . . . . . . . . . . . . . . . . . . . . 4 5



BlackRock New Jersey Investment Quality Municipal Trust (RNJ) (the Trust) seeks to provide high current income which, in th

opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax consistent wit

preservation of capital.

Performance


return based on NAV was -4.56%, with dividends reinvested. For the same period, the closed-end Lipper New Jersey Municipal Debt

Funds category posted an average return of -1.91% on a NAV basis. The Trusts relatively long duration posture and holdings in lowe

rated issues hindered comparative performance for the period. The Trusts BMA (a short-term municipal market benchmark rate)

hedges also detracted as cash positions underperformed swap rates. Management has been unable to restructure the portfolio, as

new issuance of New Jersey securities has declined significantly.


12/72


Trust Summary as of April 30, 2008 BlackRock New Jersey Municipal Income Tru

Trust Information

Symbol on New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BNJ











Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16.66 $16.90 (1.42%) $18.34 $15.13

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.67 $15.49 (5.29%) $15.58 $14.05



Sector 4/30/08 10/31/07

Hospitals . . . . . . . . . . . . . . . . 28% 26%

Housing . . . . . . . . . . . . . . . . . 18 19

Education . . . . . . . . . . . . . . . 9 8


Transportation . . . . . . . . . . . . 8 9

Lease Revenue . . . . . . . . . . . . 8 5

Tobacco . . . . . . . . . . . . . . . . . 7 8

Tax Revenue . . . . . . . . . . . . . . 7 7

Industrial & Pollution Control . . 6 6

Water & Sewer . . . . . . . . . . . . 1 1

Power . . . . . . . . . . . . . . . . . . 1



AAA/Aaa . . . . . . . . . . . . . . . . 38% 40%

A . . . . . . . . . . . . . . . . . . . . . . 20 27

BBB/Baa . . . . . . . . . . . . . . . . 21 27

B . . . . . . . . . . . . . . . . . . . . . . 3 3



BlackRock New Jersey Municipal Income Trust (BNJ) (the Trust) seeks to provide high current income which, in the opinion o

bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax.

Performance


return based on NAV was -2.14%, with dividends reinvested. For the same period, the closed-end Lipper New Jersey Municipal Debt

Funds category posted an average return of -1.91% on a NAV basis. The Trusts overweight in lower-rated issues was the primary

detractor from comparative performance, as these securities underperformed amid continued widening in credit spreads. However, t

incremental income these holdings generated continued to enhance the Trusts above-average dividend yield. A relatively neutral du

tion posture during a period of rising interest rates in the municipal market also contributed positively.


13/72


Trust Summary as of April 30, 2008 BlackRock New York Investment Quality Municipal Tru

Trust Information

Symbol on American Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RNY

Initial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 28, 1993








4

As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum ofaccrued liabilities (other than debt representing financial leverage).



Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.28 $15.39 (7.21%) $16.26 $13.85

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.74 $14.40 (4.58%) $14.47 $13.09



Sector 4/30/08 10/31/07

Education . . . . . . . . . . . . . . . 23% 23%Tax Revenue . . . . . . . . . . . . . . 15 16

Water & Sewer . . . . . . . . . . . . 12 13

Housing . . . . . . . . . . . . . . . . . 12 12



Transportation . . . . . . . . . . . . 6 5

Hospitals . . . . . . . . . . . . . . . . 6 4

Lease Revenue . . . . . . . . . . . . 3 3

Tobacco . . . . . . . . . . . . . . . . . 2 2



AAA/Aaa . . . . . . . . . . . . . . . . 49% 50%AA/Aa . . . . . . . . . . . . . . . . . . 24 23

A . . . . . . . . . . . . . . . . . . . . . . 5 5

BBB/Baa . . . . . . . . . . . . . . . . 12 12

B . . . . . . . . . . . . . . . . . . . . . 8 9



BlackRock New York Investment Quality Municipal Trust (RNY) (the Trust) seeks to provide high current income which, in the

opinion of bond counsel to the issuer, is exempt from regular federal, New York State and New York City income tax consistent wi

preservation of capital.

Performance


return based on NAV was -1.12%, with dividends reinvested. For the same period, the closed-end Lipper New York Municipal Debt

Funds category posted an average return of -0.95% on a NAV basis. The relative return was hampered by the Trusts longer-dated

holdings, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Conversely, the Trusts abo

average distribution yield and neutral duration position during a period of rising interest rates in the municipal market benefited com

parative performance.


14/72

Trust Summary as of April 30, 2008 BlackRock New York Municipal Income Tru

Trust Information

Symbol on New York Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BNYInitial Offering Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 27, 2001









Market Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16.12 $15.55 3.67% $17.24 $14.84

Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.44 $15.11 (4.43%) $15.24 $13.71



Sector 4/30/08 10/31/07

Industrial & Pollution Control . . 16% 16%

Housing . . . . . . . . . . . . . . . . . 15 15

Transportation . . . . . . . . . . . . 14 14Education . . . . . . . . . . . . . . . 13 12


Tobacco . . . . . . . . . . . . . . . . . 9 8

Water & Sewer . . . . . . . . . . . . 8 7

Lease Revenue . . . . . . . . . . . . 7 7

Hospitals . . . . . . . . . . . . . . . . 4 5

Power . . . . . . . . . . . . . . . . . . 3 3

Tax Revenue . . . . . . . . . . . . . . 1 2



AAA/Aaa . . . . . . . . . . . . . . . . 35% 42%

AA/Aa . . . . . . . . . . . . . . . . . . 20 17

A/A . . . . . . . . . . . . . . . . . . . . 14 17BBB/Baa . . . . . . . . . . . . . . . . 16 17

B/B . . . . . . . . . . . . . . . . . . . . 6 6


APRIL 30, 200814 SEMI-ANNUAL REPORT


BlackRock New York Municipal Income Trust (BNY) (the Trust) seeks to provide high current income which, in the opinion of

bond counsel to the issuer, is exempt from regular federal income tax and New York State and New York City personal income taxes

Performance


return based on NAV was -1.36%, with dividends reinvested. For the same period, the closed-end Lipper New York Municipal Debt

Funds category posted an average return of -0.95% on a NAV basis. The relative return was hampered by the Trusts longer-dated

holdings, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Conversely, the Trusts abo

average distribution yield and neutral duration position during a period of rising interest rates in the municipal market benefited com

parative performance.


15/72


The Trusts may invest in swap agreements, which are over-the-counter con-tracts in which one party agrees to make periodic payments based on the

change in market value of a specified bond, basket of bonds, or index in

return for periodic payments based on a fixed or variable interest rate or

the change in market value of a different bond, basket of bonds or index.

Swap agreements may be used to obtain exposure to a bond or market

without owning or taking physical custody of securities. Swap agreementsinvolve the risk that the party with whom each Trust has entered into a

swap will default on its obligation to pay the Trusts and the risk that the

Trusts will not be able to meet its obligation to pay the other party to the

agreement.

The Benefits and Risks of Leveraging

The Trusts utilize leverage to seek to enhance the yield and NAV of their

Common Shares. However, these objectives cannot be achieved in all inter-

est rate environments.

To leverage, the Trusts may issue Preferred Shares, which pay dividends at

prevailing short-term interest rates, and invest the proceeds in long-term

municipal bonds.The interest earned on these investments is paid toCommon Shareholders in the form of dividends, and the value of these

Portfolios holdings is reflected in the per share NAV of the Trusts Common

Shares. However, in order to benefit Common Shareholders, the yield curve

must be positively sloped; that is, short-term interest rates must be lower

than long-term interest rates.At the same time, a period of generally

declining interest rates will benefit Common Shareholders. If either of

these conditions change, then the risks of leveraging will begin to out-

weigh the benefits.

To illustrate these concepts, assume a funds Common Share capitalization of

$100 million and the issuance of Preferred Shares for an additional $50 mil-

lion, creating a total value of $150 million available for investment in long-

term municipal bonds. If prevailing short-term interest rates are approximately

3% and long-term interest rates are approximately 6%, then the yield curve

has a strongly positive slope.The fund pays dividends on the $50 million of

Preferred Shares based on the lower short-term interest rates.At the same

time, the funds total portfolio of $150 million earns the income based on

long-term interest rates.

In this case, the dividends paid to Preferred Shareholders are significantly

lower than the income earned on the funds long-term investments, and

therefore the Common Shareholders are the beneficiaries of the incremen-

tal yield. However, if short-term interest rates rise, narrowing the differential

between short-term and long-term interest rates, the incremental yield

pickup on the Common Shares will be reduced or eliminated completely.At the same time, the market value on the funds Common Shares (that is,

its price as listed on the New York Stock Exchange or American Stock

Exchange) may, as a result, decline. Furthermore, if long-term interest rates

rise, the Common Shares NAV will reflect the full decline in the price of

the portfolios investments, since the value of the funds Preferred

Shares does not fluctuate. In addition to the decline in NAV, the market

value of the funds Common Shares may also decline.

In addition, the Trusts may from time to time leverage their assets through

the use of tender option bond (TOB) programs. In a typical TOB program

the Trust transfers one or more municipal bonds to a TOB trust, which

issues short-term variable rate securities to third-party investors and a

residual interest to the Trust. The cash received by the TOB trust from the

issuance of the short-term securities (less transaction expenses) is paid t

the Trust, which invests the cash in additional portfolio securities.The dist

bution rate on the short-term securities is reset periodically (typically eve

seven days) through a remarketing of the short-term securities. Any incom

earned on the bonds in the TOB trust, net of expenses incurred by the TO

trust, that is not paid to the holders of the short-term securities is paid to

the Trust. In connection with managing the Trusts assets, the Trusts invest

ment advisor may at any time retrieve the bonds out of the TOB trust typi-

cally within seven days.TOB investments generally will provide the Trust

with economic benefits in periods of declining short-term interest rate

but expose the Trust to risks during periods of rising short-term intere

rates similar to those associated with Preferred Shares issued by the

Trust, as described above. Additionally, fluctuations in the market valu

of municipal securities deposited into the TOB trust may adverselyaffect the Funds NAVs per share. (See Note 1 of the Notes to Financia

Statements for details of municipal bonds transferred to TOB trusts.).

Under the Investment Company Act of 1940, the Trusts are permitted

to issue Preferred Shares in an amount of up to 50% of their manage

assets at the time of issuance. Each Trust also anticipates that its

total economic leverage will not exceed 50% of its total managed

assets. Economic leverage includes Preferred Shares and TOBs. As of

April 30, 2008, the Trusts had economic leverage amounts of manage

assets as follows:

Percent of

Leverage

Investment Quality Municipal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39%Municipal Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39%Long-Term Municipal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47%California Investment Quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36%California Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38%Florida Investment Quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37%Florida Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37%New Jersey Investment Quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37%New Jersey Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37%New York Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35%New York Investment Quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38%

Swap Agreements


16/72


Alabama6.6%

University of Alabama, Hospital Revenue Bonds, Series A,5.875%, 9/01/10 (a)(b) $14,000 $15,208,340

Arizona4.1%

Salt Verde Financial Corporation, Arizona, Senior GasRevenue Bonds:

5%, 12/01/32 3,990 3,622,8405%, 12/01/37 4,585 4,098,486

San Luis,Arizona, Facilities Development Corporation,Senior Lien Revenue Bonds (Regional DetentionCenter Project):

6.25%, 5/01/15 490 465,6967%, 5/01/20 490 454,7357.25%, 5/01/27 980 900,610

9,542,367

California22.3%

California County Tobacco Securitization Agency, TobaccoRevenue Bonds (Stanislaus County Tobacco FundingCorporation) (c):

Sub-Series C, 6.30%, 6/01/55 7,090 166,331

Sub-Series D, 7.251%, 6/01/55 9,060 179,026California State, GO, 5%, 3/01/33 (d) 10,000 10,126,400California State, GO, Refunding:

5.625%, 5/01/10 (q) 1,595 1,712,1535.625%, 5/01/18 290 306,8235%, 2/01/32 10,345 10,362,2215%, 6/01/34 3,485 3,487,161

Foothill/Eastern Corridor Agency, California, Toll RoadRevenue Refunding Bonds:

5.562%, 7/15/28 (a) 7,000 6,506,8505.75%, 1/15/40 3,495 3,424,261

Golden State Tobacco Securitization Corporation of California,Tobacco Settlement Revenue Refunding Bonds, SeniorSeries A-1, 5.125%, 6/01/47 805 648,637

Los Altos, California, School District, GO (Election of 1998),Series B, 5.93%, 8/01/13 (a)(b)(c) 10,945 4,921,638

Sacramento County, California, Airport System Revenue

Bonds, AMT (e):Senior Series A, 5%, 7/01/41 2,000 2,023,720Senior Series B, 5.25%, 7/01/39 3,500 3,449,530

University of California Revenue Bonds, Series B, 4.75%,5/15/38 4,185 4,132,102

51,446,853

Colorado4.0%

Colorado Health Facilities Authority Revenue Bonds(Catholic Health), Series C-7, 5%, 9/01/36 (e) 5,250 5,262,285

Colorado Health Facilities Authority, Revenue RefundingBonds (Poudre Valley Health Care), Series B, 5.25%,3/01/36 (e) 2,000 2,028,900

Colorado Springs, Colorado, Utilities System ImprovementRevenue Bonds, Subordinate Lien, Series C, 5%,11/15/45 (e) 1,030 1,044,183

Colorado(concluded)

Park Creek Metropolitan District, Colorado, Senior Limited TaxSupported Revenue Refunding Bonds,5.50%, 12/01/37 $ 1,020 $ 948,39

9,283,76

Connecticut1.2%

Mashantucket Western Pequot Tribe, Connecticut, SpecialRevenue Refunding Bonds,Sub-Series A,5.50%, 9/01/28 3,000 2,739,48

District of Columbia2.1%

District of Columbia Tobacco Settlement FinancingCorporation, Asset-Backed Revenue Refunding Bonds,6.50%, 5/15/33 4,960 4,905,44

Florida18.1%

FishHawk Community Development District II, Florida,Special Assessment and Tax Allocation Bonds,Series A, 6.125%, 5/01/34 2,020 2,018,68

Halifax Hospital Medical Center, Florida, Hospital RevenueRefunding Bonds, Series A, 5%, 6/01/38 2,415 2,141,40

Hillsborough County, Florida, IDA, Exempt Facilities RevenueBonds (National Gypsum Company), AMT, Series A,7.125%, 4/01/30 3,700 3,586,26

Jacksonville, Florida, Health Facilities Authority, HospitalRevenue Bonds (Baptist Medical Center Project), Series A,5%, 8/15/37 1,690 1,586,25

Miami Beach, Florida, Health Facilities Authority, HospitalRevenue Refunding Bonds (Mount Sinai Medical Centerof Florida), 6.75%, 11/15/21 4,755 4,835,02

Miami-Dade County, Florida, Special Obligation RevenueBonds, Sub-Series A (b)(c):

5.19%, 10/01/31 3,380 927,205.20%, 10/01/32 4,225 1,095,665.21%, 10/01/33 4,000 981,085.21%, 10/01/34 4,580 1,057,435.22%, 10/01/35 5,000 1,081,705.23%, 10/01/36 10,000 2,039,705.24%, 10/01/37 10,000 1,923,80

Orange County, Florida, Tourist Development, Tax RevenueRefunding Bonds, 4.75%, 10/01/32 (f) 7,895 7,553,77

Sumter Landing Community Development District, Florida,Recreational Revenue Bonds, Sub-Series B, 5.70%,10/01/38 3,730 3,118,42

Village Community Development District Number 5, Florida,Special Assessment Bonds, 5.625%, 5/01/22 7,980 7,824,86

41,771,28

Georgia3.7%

Atlanta, Georgia, Airport Passenger Facility Charge andSubordinate Lien General Revenue Bonds, Series J,5%, 1/01/34 (e) 1,760 1,785,78

Atlanta, Georgia, Water and Wastewater Revenue Bonds,5%, 11/01/34 (e) 4,000 4,057,60

Main Street Natural Gas, Inc., Georgia, Gas Project RevenueBonds, Series A, 6.375%, 7/15/38 1,000 1,000,55

Portfolio Abbreviations

To simplify the listings of the Trusts portfolioholdings in each Trusts Schedule of Investments,we have abbreviated the names of many secu-rities according to the list on the right.

AMT Alternative Minimum Tax (subject to)ARS Auction Rate SecuritiesCABS Capital Appreciation BondsCOP Certificates of ParticipationEDA Economic Development AuthorityEDR Economic Development Revenue BondsGO General Obligation BondsHFA Housing Finance AgencyIDA Industrial Development Authority

IDR Industrial Development Revenue BondsLIBOR London InterBank Offer RateM/F Multi-FamilyPCR Pollution Control Revenue BondsPILOT Payment in Lieu of TaxesSIFMA Securities Industry and Financial Markets

AssociationS/F Single-FamilyTFABS Tobacco Flexible Amortization BondsVRDN Variable Rate Demand NotesSee Notes to Financial Statements.

Par

Municipal Bonds (000) Value

Par


Schedule of Investments April 30, 2008 (Unaudited) BlackRock Investment Quality Municipal Trust (BK(Percentages shown are based on Net Asse


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Georgia(concluded)

Milledgeville-Baldwin County, Georgia, Development AuthorityRevenue Bonds (Georgia College and State UniversityFoundation), 6%, 9/01/14 (a) $ 1,500 $ 1,742,535

8,586,469

Hawaii1.1%

Hawaii State Department of Budget and Finance, SpecialPurpose Revenue Refunding Bonds (Hawaiian ElectricCompany, Inc.), AMT, Series D, 6.15%, 1/01/20 (g) 2,500 2,540,000

Illinois13.7%

Bolingbrook, Illinois, GO, Refunding, Series A, 4.75%,1/01/38 (b) 6,500 6,407,960

Centerpoint Intermodal Center Program Trust, Illinois, TaxAllocation Bonds, Class A, 8%, 6/15/23 (h) 1,920 1,806,586

Chicago, Illinois, Housing Authority, Capital Program RevenueRefunding Bonds, 5%, 7/01/24 (e) 3,210 3,316,283

Chicago, Illinois, OHare International Airport RevenueRefunding Bonds, Third Lien, AMT, Series C-2, 5.25%,1/01/30 (e) 3,540 3,472,386

Chicago, Illinois, Public Building Commission, Building Revenue

Bonds, Series A, 7%, 1/01/20 (b)(i) 5,000 6,213,650Illinois Municipal Electric Agency, Power Supply Revenue

Bonds, 4.50%, 2/01/35 (j) 2,145 1,923,529Illinois State Finance Authority Revenue Bonds, Series A:

(Friendship Village of Schaumburg), 5.625%, 2/15/37 690 559,169(Monarch Landing, Inc. Project), 7%, 12/01/37 1,155 1,133,702(Northwestern Memorial Hospital), 5.50%, 8/15/14 (a) 5,800 6,537,934

Illinois State Financing Authority, Student Housing RevenueBonds (MJH Education Assistance IV LLC), Sub-Series B,5.375%, 6/01/35 700 338,072

31,709,271

Kentucky2.6%

Kentucky Economic Development Finance Authority, HealthSystem Revenue Refunding Bonds (Norton Healthcare, Inc.),Series B, 6.19%, 10/01/23 (b)(c) 13,500 5,936,220

Maryland2.6%

Maryland State Community Development Administration,Department of Housing and Community Development,Residential Revenue Refunding Bonds, AMT, Series A,4.80%, 9/01/42 5,000 4,384,350

Maryland State Health and Higher Educational FacilitiesAuthority, Revenue Refunding Bonds (MedStar Health, Inc.),5.50%, 8/15/33 1,740 1,725,749

6,110,099

Massachusetts1.3%

Massachusetts State Water Resource Authority, GeneralRevenue Refunding Bonds, Series A, 5%, 8/01/41 3,075 3,120,449

Michigan0.7%

Michigan State Hospital Finance Authority, RevenueRefunding Bonds (Henry Ford Health System), Series A,5.25%, 11/15/46 1,670 1,608,076

Mississippi0.8%

Mississippi Business Finance Corporation Revenue Bonds(Nor throp Grumman Ship System), 4.55%, 12/01/28 1,900 1,738,234

Missouri3.3%

Missouri Joint Municipal Electric Utility Commission,Power Project Revenue Bonds (Plum Point Project),4.60%, 1/01/36 (b) 2,820 2,611,969

Missouri State Housing Development Commission, S/FMortgage Revenue Refunding Bonds (HomeownershipLoan P rogram),AMT, Series B-1, 5.05%, 3/01/38 (k)(l) 5,125 5,009,124

7,621,093

Nebraska3.4%

Omaha Public Power District, Nebraska, Electric SystemRevenue Bonds, Series A:

5%, 2/01/34 $ 5,000 $ 5,071,95

4.75%, 2/01/44 2,765 2,690,597,762,54

Nevada0.9%

Clark County, Nevada, EDR, Refunding (Alexander DawsonSchool of Nevada Project), 5%, 5/15/29 2,065 2,009,92

New Jersey4.4%

Middlesex County, New Jersey, Improvement Authority,Subordinate Revenue Bonds (Heldrich Center Hotel/Conference Project), S eries B, 6 .25%, 1 /01/37 1,510 1,292,37

New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%,6/15/29 7,000 6,840,54

New Jersey State Housing and Mortgage Finance Agency,S/F Housing Revenue Bonds, AMT, Series X, 5.375%,4/01/30 2,000 1,995,82

10,128,73

New York10.2%

Albany, New York, IDA, Civic Facility Revenue Bonds(New Covenant Charter School Project), Series A,7%, 5/01/35 725 567,61

Hudson Yards Infrastructure Corporation, New York, RevenueBonds, Series A, 5%, 2/15/47 (j) 1,400 1,363,18

Metropolitan Transportation Authority, New York, RevenueRefunding Bonds, Series A, 5%, 11/15/25 (j) 1,000 1,006,03

Metropolitan Transportation Authority, New York,TransportationRevenue Refunding Bonds, Series F, 5%, 11/15/35 2,500 2,510,85

New York City, New York, City IDA, Special Facility RevenueBonds (American Airlines, Inc. - JFK International Airport),AMT, 7.625%, 8/01/25 2,600 2,517,84

New York City, New York, City Municipal Water FinanceAuthority, Water and Sewer System Revenue Bonds,Series D, 5%, 6/15/38 2,500 2,541,60

New York City, New York, City Transitional Finance Authority,

Building Aid Revenue Bonds, Series S-1,5%, 7/15/24 (j) 3,000 3,122,25New York City, New York, GO, Sub-Series F-1,5%, 9/01/22 (f) 2,000 2,059,26New York Liberty Development Corporation Revenue Bonds

(Goldman Sachs Headquarters), 5.25%, 10/01/35 4,100 4,245,67New York State Dormitor y Authority, Revenue Refunding

Bonds (University of Rochester), Series A (a)(b)(q):5.963%, 7/01/10 1,865 1,778,706.013%, 7/01/10 2,030 1,936,07

23,649,07

North Carolina1.7%

Gaston County, North Carolina, Industrial Facilities andPollution Control Financing Authority, Revenue Bonds(National Gypsum Company Project),AMT, 5.75%,8/01/35 2,425 1,923,48

North Carolina Medical Care Commission, Health CareFacilities Revenue Bonds (Novant Health Obligation Group),5%, 11/01/39 2,065 2,031,52

3,955,01

Ohio8.2%

Buckeye Tobacco Settlement Financing Authority, Ohio,Tobacco Settlement Asset-Backed Bonds, Series A-2,6.50%, 6/01/47 1,870 1,818,27

Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A:6%, 1/01/20 3,485 3,809,076%, 1/01/21 5,000 5,464,95

Par


Par


Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust (BK(Percentages shown are based on Net Asse

See Notes to Financial Statements.


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Ohio(concluded)

Montgomery County, Ohio, Revenue Bonds (Catholic HealthInit iati ves),VRDN, Series C-1, 5%, 10/01/41 (e)(m) $ 1,750 $ 1,766,450

Ohio State Air Quality Development Authority, Revenue

Refunding Bonds (Dayton Power and Light CompanyProject), Series B, 4.80%, 1/01/34 (j) 6,000 6,006,840

18,865,586

Oklahoma2.1%

Oklahoma State Development Finance Authority, RevenueRefunding Bonds (Saint John Health System), 5%,2/15/42 2,110 2,052,819

Tulsa, Oklahoma, Municipal Airport Trust, Revenue RefundingBonds, Series A, 7.75%, 6/01/35 2,900 2,871,841

4,924,660

Pennsylvania6.7%

Delaware River Port Authority of Pennsylvania and NewJersey Revenue Bonds (Port District Project), Series B,5.70%, 1/01/22 (e) 2,000 2,070,320

McKeesport, Pennsylvania, Area School District, GO,Refunding (c)(j):

5.53%, 10/01/31 2,435 666,4355.53%, 10/01/31 (i) 870 270,561

Pennsylvania Economic Development Financing Authority,Exempt Facilities Revenue Bonds, AMT, Series A:

(Amtrak Project), 6.25%, 11/01/31 2,000 2,009,800(Amtrak Project), 6.375%, 11/01/41 3,100 3,146,872(Reliant Energy), 6.75%, 12/01/36 6,380 6,433,209

Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds,AMT, Series 97A, 4.60%, 10/01/27 980 884,176

15,481,373

Rhode Island0.1%

Rhode Island State Health and Educational BuildingCorporation, Hospital Revenue Refunding Bonds (LifespanObligation Group), 5.50%, 5/15/16 (b) 200 202,432

South Carolina5.0%

South Carolina Housing Finance and Development Authority,

Mortgage Revenue Refunding Bonds, AMT, Series A-2,5.15%, 7/01/37 (g) 4,975 4,658,043

South Carolina Jobs EDA, Hospital Facilities RevenueRefunding Bonds (Palmetto Health Alliance):

Series A, 6.25%, 8/01/31 2,185 2,215,918Series C, 6.875%, 8/01/13 (a) 4,000 4,711,118

11,585,079

Tennessee2.1%

Memphis-Shelby County, Tennessee, Airport Authority,Airport Revenue Bonds,AMT, Series D, 6%,3/01/24 (g) 4,865 4,951,889

Texas11.0%

Dallas-Fort Worth, Texas, International Airport, Joint RevenueBonds, AMT, Series C, 6.25%, 11/01/28 (b) 550 556,556

Grapevine, Texas, GO, 5.875%, 8/15/10 (a)(j) 6,000 6,454,440Harris County-Houston Sports Authority,Texas, Revenue

Refunding Bonds, Senior Lien, Series A, 6.146%,

11/15/38 (b)(c) 5,000 773,900Lower Colorado River Authority, Texas, Revenue

Refunding Bonds:5%, 5/15/13 (a)(b) 20 21,7985%, 5/15/31 (b) 925 931,5314.75%, 5/15/36 (g) 3,595 3,481,254Series A, 5%, 5/15/13 (a)(b) 5 5,449

Montgomery County, Texas, Municipal Utility District Number46, Waterworks and Sewer System, GO, 4.75%,3/01/30 (b) 675 664,139

Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (j) 2,010 1,945,278

Texas(concluded)

SA Energy Acquisition Public Facilities Corporation, Texas,Gas Supply Revenue Bonds, 5 .50%, 8 /01/24 $ 2,550 $ 2,541,63

Texas State Turnpike Authority, Central Texas Turnpike

System Revenue Bonds (g):6.06%, 8/15/31 (c) 15,000 3,824,25First Tier, Series A, 5%, 8/15/42 3,325 3,294,04

Texas State, Water Financial Assistance, GO, Refunding,5.75%, 8/01/22 1,000 1,047,39

25,541,66

Utah0.8%

Intermountain Power Agency, Utah, Power SupplyRevenue Refunding Bonds, 5%, 7/01/13 (g)(i) 1,950 1,953,45

Virginia1.0%

Tobacco Settlement Financing Corporation of Virginia,Revenue Refunding Bonds, Senior Series B-1, 5%,6/01/47 2,900 2,285,51

Washington0.6%

King County, Washington, Sewer Revenue RefundingBonds, 5%, 1/01/36 (e) 1,420 1,446,15

Wisconsin1.4%

Wisconsin State Health and Educational Facilities AuthorityRevenue Bonds (Aurora Health Care, Inc.), 6.40%,4/15/33 3,220 3,302,65

Wyoming0.8%

Wyoming Community Development Authority, HousingRevenue Bonds, AMT, S eries 3, 4 .75%, 1 2/01/37 2,145 1,866,17

Puerto Rico3.9%

Puerto Rico Commonwealth Aqueduct and Sewer Authority,Senior Lien Revenue Bonds, Series A, 6%, 7/01/38 2,500 2,614,00

Puerto Rico Commonwealth Highway and TransportationAuthority, Transportation Revenue Refunding Bonds,Series N, 5.25%, 7/01/34 (n) 3,115 3,327,25

Puerto Rico Electric Power Authority, Power RevenueRefunding Bonds, Series UU, 5%, 7/01/23 (e) 2,900 3,009,99

8,951,25

Total Municipal Bonds (Cost$354,019,586)152.5% 352,730,62

Corporate Bonds

Char ter Mac Equity Issuer Trust, 7.60%, 11/30/50 (h) 7,000 7,640,43MuniMae TE Bond Subsidiar y LLC, 7.75%, 6/30/50 (h) 4,000 4,315,92

Total Corporate Bonds (Cost$11,000,000)5.2% 11,956,35

Short-Term Securities Shares

Merrill Lynch Institutional Tax-Exempt Fund, 2.49% (o)(p) 19,300,000 19,300,00

Total Short-Term Securities (Cost$19,300,000)8.3% 19,300,00

Total Investments (Cost$384,319,586*)166.0% 383,986,97

Liabilities in Excess of Other Assets(2.6%) (6,044,39

Preferred Stock, at Redemption Value(63.4%) (146,636,54

Net Assets Applicable to Common Stock100.0% $ 231,306,03

Par


Par


Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust (BK(Percentages shown are based on Net Asse

See Notes to Financial Statements.


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Schedule of Investments (concluded) BlackRock Investment Quality Municipal Trust (BK

The cost and unrealized appreciation (depreciation) of investments, as of April 30, 2008,as computed for federal income tax purposes, were as follows:

Aggregate cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $383,578,903

Gross unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,188,585Gross unrealized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,780,511)

Net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 408,074

) U.S. government securities, held in escrow, are used to pay interest on this security, aswell as to retire the bond in full at the date indicated, typically at a premium to par.

) MBIA Insured.Represents a zero-coupon bond. Rate shown reflects the effective yield at the time ofpurchase.

) CIFG Insured.FSA Insured.XL Capital Insured.

) AMBAC Insured.) Security exempt from registration under Rule 144A of the Securities Act of 1933. These

securities may be resold in transactions exempt from registration to qualified institutionalinvestors. Unless otherwise indicated, these securities are not considered to be illiquid.Security is collateralized by municipal or U.S. Treasury obligations.

Documents

Blackrock Muni Funds 2008